# CIC MARKET SOLUTIONS, INC. X-17A-5 (2026-02-27) — Broker-dealer annual report - Company: CIC MARKET SOLUTIONS, INC. - Form: X-17A-5 - Filed: 2026-02-27 - Period: 2025-12-31 - Accession: 0001082414-26-000001 - CIK: 1082414 - File #: 8-51649 - Type: Broker-dealer - Material weakness: No - Auditor: WithumSmith and Brown - Auditor location: Whippany, NJ - Contact: Alex J. Englese - Phone: 212-659-6292 - Email: alex.englese@cic.eu - Website: cic.eu - Signed by: Alex J. Englese (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1082414/000108241426000001/CICPublicFY2025.pdf --- {0}------------------------------------------------ Statement of Financial Condition Pursuant to Rule 17a-5(d) of the Securities and Exchange Act of 1934 DECEMBER 31, 2025 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SEC FILE NUMBER | | |-----------------|--| | 8-51649 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **O 1/01/2025** AND ENDING **12/31/2025** MM/DD/YY **MM/DD/YY** **A. REGISTRANT IDENTIFICATION** # AME or no#. CIC Market Solutions, Inc TYPE OF REGISTRANT (check all applicable boxes}: [·] Broker-dealer [Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) # 520 Madison Avenue, 37th Floor | | ( No. and Street) | | | | |-----------------------------------------------------------------|--------------------------------------------|---------------------|---------------------------|--| | NEW
YORK | NY | | 10022 | | | (City) | (State) | | (Zip Code) | | | REGARD
PERSON TO CONTACT WITH | TO THIS FILING | | | | | 212-659-6292
Englese
Alex
J. | | | alex.englese@cic.eu | | | (Name) | {Area Code -
Telephone Number) | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT
PUBLIC ACCOUNTANT
WithumSmith+Brown | contained
reports
are
whose | filing
in this | | | | (Name - | individual, state
if
last,
first, | and middle name) | | | | Suite
Jefferson
Park
200 | Whippany
400 | NJ | 07981 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/20/2003 | | 100 | | | | Registration
with
PCAOB)(if
(Date
of
applicable) | | (PCAOB Registration | Number, if
applicable) | | | | FOR OFFICIAL USE ONLY | | | | • Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. **Persons who are to respond to the collection of information contained** in **this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ #### OATH OR AFFIRMATION | I, Alex J. Englese | | | | swear | (or affirm)
that,
to | the
best
of | my knowledge and belief, | the | |-----------------------------|----|-------------|-----------|---------------------------|----------------------------|-------------------|--------------------------|-----------------| | financial report pertaining | to | firm
the | of | CIC Market Solutions, Inc | | | | as of | | 31
December | | 2 | "_
,is | and correct.
true | I further
swear | (or affirm) | neither
that
the | company nor any | **partner, officer, director, or equivalent person, as the case may be, has any proprietary interest** in **any account classified** solely **as that of a customer.** | Signatyre: | | |--------------------------------|--| | Ute
Chief Executive Officer | | # **This filing" contains (check all applicable boxes):** - is (a) Statement of financial condition. - is (b) Notes to consolidated statement of financial condition. - () Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in \$ 210.1-02 of Regulation S-X). - 0 (d) Statement of cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - 0 (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - 0 {h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - - 0 (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - 0 (k} Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - Ee (a) Oath or affirmation in accordance with 17 CFR 240.172-5, 17 CFR 240.173-12, or 17 CFR 240.18a-7, as applicable. - (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ie (t) Independent public accountant's report based on an examination of the statement of financial condition. - D (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [] (w) independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12{k). 0 (z) other: \_ - *+To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable.* {3}------------------------------------------------ #### Contents | | PAGE | |---------------------------------------------------------|------| | Report of Independent Registered Public Accounting Firm | | | Financial Statements | | | Statement of financial condition | 2 | | Notes to Statement of financial condition | 3-6 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholder and Those Charged with Governance of CIC Market Solutions, Inc.: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of CIC Market Solutions, Inc. (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2022. Whippany, New Jersey February 26, 2026 {5}------------------------------------------------ # Statement of Financial Condition December 31, 2025 | ASSETS | | | |-----------------------------------------------|--------|--------------| | Cash | ਦਿੱਤੇ | 1,727,602 | | Fail to deliver | | 186,590 | | Due from parent | | 306,877 | | Due from customer | | 223,336 | | Accounts receivable | | 19,250 | | Prepaid and other assets | | 27,744 | | Deferred tax asset | | 318,202 | | | ਦ੍ਰਿਤ | 2,809,601 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | | Accounts payable and accrued expense | ತಿ | 234,114 | | Due to affiliate | | 535,974 | | Due to customer | | 186,590 | | Fail to receive | | 223,336 | | Total liabilities | | 1,180,014 | | Common stock, \$0.01 par value per share, | | | | 934 shares authorized, issued and outstanding | સ્ત્રે | 9 | | Additional paid-in capital | | 13,431,009 | | Accumulated deficit | | (11,801,431) | | Total stockholder's equity | | 1,629,587 | | | ਦਿੱਤੇ | 2,809,601 | | | | | {6}------------------------------------------------ #### NOTE A - ORGANIZATION CIC Market Solutions, Inc. (the "Company") is a wholly-owned subsidiary of Crédit Industriel et Commercial (the "Parent" or "CIC"), a French company. The Company is a registered broker under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA"). During 2025, the Company's principal business activity consisted of facilitating certain securities transactions for CVC pursuant to the "Services Agreement" (see Note B) and distributing research reports in compliance with Rule 15a-6. The Company also acts as advisor earning advisory fees for services performed for CIC (New York Branch) ("CIC-NY"). #### NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### [1] Basis of Accounting and Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### [2] Income taxes: Deferred tax assets and liabilities represent the expected future tax consequences of the differences between the financial statement carrying amounts of existing assets and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect at the statement of financial condition asset or liability is adjusted to reflect enacted changes in tax law. A valuation allowance is established for deferred tax assets unless their realization is considered more likely than not. The company had a valuation allowance as December 31, 2025. Authoritative accounting guidance requires the Company to determine whether a tax position taken or a tax return is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on technical merits of the position. At December 31, 2025, the Company had no uncertain tax positions that require accrual under the guidance. Effective January 1, 2025, the Company adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires regarding income taxes, including disaggregated information about income (or loss) from continuing operations before income tax expense (or benefit) by domestic and foreign sources, and income tax expense (or benefit) by federal, state, and foreign jurisdictions. The ASU also requires a more detailed reconciliation of the statutory federal income tax rate, with reconciling items presented in specified categories and additional qualitative information for significant items. Further, the ASU requires disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction. The Company adopted the fis fiscal {7}------------------------------------------------ year beginning January 1, 2025. The adoption of ASU 2023-09 did not have a material impact on the Company's financial position, results of operations, or income tax disclosures. ### [3] Cash: The Company at times maintains cash in deposit accounts in excess of Federal Deposit Insurance Corporation ("FDIC") limits. #### [4] Leases: The Company evaluated its existing vendor agreements, including its expense sharing agreement for the recognition criteria in accordance with Accounting Standards Update 2016-02, Leases ("Topic 842"), which requires the lessee to recognize a right of use asset and lease liability and present them in the statement of financial condition. The Company determined that during the year ended December 31, 2025, no agreements or arrangements existed that would be classe under the guidance. Since the Company does not exercise control over the asset and does not have the right to direct the use of the asset, the office service agreement does not constitute a lease within the scope of 2016-02 Topic 842. ### [5] Current Expected Credit Losses: The Current Expected Credit Losses ("CECL") methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for certain financial assets at the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. The Company has concluded that an allowance for credit losses is not required at December 31, 2025, which is based on the Company's expectation for the collectability of the receivable utilizing the CECL framework. The Company considers fors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. The Company's expectation is that the credit risk associated with fees is not significant based on the contractual arrangement and expectation in accordance with industry standards. ### NOTE C-RELATED PARTY TRANSACTION In accordance with a services agreement with the Parent, effective April 1, 2018 the Company facilitates certain securities transactions between the Company and major US institutional investors in compliance with Rule 15a-6. The Parent compensates the Company for all costs incurred in order to introduce and maintain the US/Canada clients to the Parent along with the compensation for its chaperoning functions under the agreement. At December 31, 2025, \$306,877 was due from the Parent. The Company is a party to an administrative services agreement with an affiliate dated June 30, 2019, CIC (New York Branch) ("CIC-NY"). The affiliate provides the Company with certain services and allocates the expenses in the area of benefits administration, leasehold space, furniture and equipment, operational services, computers and related systems support, data and communication lines and equipment. {8}------------------------------------------------ The Company is a party to a separate services agreement with CIC-NY, dated July 1, 2024 where the Company agrees to provide CIC-NY with services in the area of economic analysis, along with access to European and Macro economic data. At December 31, 2025 \$11,250 was receivable from CIC-NY which is within the accounts receivable balance on the statement of financial condition. At December 31 2025, the Company has a payable to CIC-NY related to its participation in CIC-NY's defined benefit plan. See Note F. #### NOTE D - INCOME TAXES The Company is subject to federal, New York State and New York City income taxes. For the year ended December 31, 2025 the Company had a current New York state income tax of \$32 and a current New York city income tax of \$25, the Company received a \$218 refund from New York State resulting in the Company having a net positive \$185 benefit. For the year ended December 31, 2025 the Company had a deferred tax benefit of \$64,173. The Company has a deferred tax asset of \$318,201 at December 31, 2025, which is primarily attributable to book-to-tax differences. At December 31, 2025, the Company has net operating loss carryforwards for federal income tax purposes of approximately \$6,004,000. The net operating loss carryforwards will expire through 2037. These net operating losses are limited by the Internal Revenue Code Section 382 loss limitation incurred as a result of an ownership change that took place during 2006 and 2007. Deferred tax assets and liabilities represent the expected future tax consequences of the financial statement carrying amounts of existing assets and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect at the statement of financial condition date. As of December 31, 2025, the Company had a valuation allowance of approximately, \$943,000. The Company's effective income tax rate of zero differs from the federal statutory rate principally due to utilization of the federal net operating loss carryforwards for which no benefit was previously recognized and a reduction in the valuation allowance. Income taxes paid during the year ended December 31, 2025 were attributable entirely to the state of New York city. On July 4, 2025, the U.S. federal government enacted tax legislation referred to as the One Big Beautiful Bill Act ("OBBBA"). The enactment of the OBBA did not have a material impact on the Company's financial statements for the year ended December 31, 2025. The Company is currently assessing the impact of the OBBBA on future periods. #### NOTE E- NET CAPITAL REQUIREMENTS The Company is subject to the Uniform Net Capital Rule ("Rule 15c3-1") of the Securities and Exchange Commission ("SEC") which requires the maintenance of minimum net capital, as defined, equal to the greater of \$250,000 or 2% of aggregate debits, {9}------------------------------------------------ as defined. At December 31, 2025, the Company had net capital of \$957,514 which was \$707,514 in excess of the amount required of \$250,000. The Company's ratio of aggregate indebtedness to net capital was 1.23 to 1. Pursuant to SEC Rule 15a-6 and related FAQ's issued by the SEC Division of Trading and Markets, a registered broker-dealer that acts as a chaperone in connections is required to take a net capital charge for failed transactions, even if the foreign broker-dealer is required to take a fails charge under foreign law. #### NOTE F-PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The Company's U.S. affiliate maintains a 401(k) profit-sharing plan (the "Plan") covering substantially all of the employees of the Company. The Company contributes to the Plan 50% of the employees' contributions. Pursuant to the administration services agreement with CIC-NY, the Company's employees also participate in CIC-NY's Cash Balance Plan, a defined benefit plan. At December 31, 2025, \$53,974 is included in due to affiliate for the accumulated benefits payable. #### NOTE G- FAIL TO DELIVER AND FAIL TO RECEIVE TRANSACTIONS During the fiscal year, the Company experienced instances of fail to receive transactions. These failures occurred due to delays in the settlement process and operational issues. As of December 31, 2025, the Company had outstanding fail to deliver transactions amounting to \$186,590 and fail to receive transactions amounting to \$223,336. The fail to receive transactions are recorded on the balance sheet as a liability under 'fail to receive' and a receivable asset to 'due from customer'. The fail to deliver transactions are recorded as a receivable asset under 'fail to 'due to customer'. These transactions did not have a material impact on the Company's financial position. The Company has implemented enhanced monitoring and operational procedures to reduce the occurrence of such failures. Additionally, collateral arrangements have been established to mitigate potential risks. In the normal course of business, the Company executes, settles and finances customer and proprietary securities transactions. These activities expose the Company to off-balance sheet that customers or other parties fail to satisfy their obligations. In accordance with industry practice, securities transactions generally settle within one business day after trade date. Should a customer or broker fail to deliver cash or securities as agreed, the Company may be required to purchase or sell securities at unfavorable market prices. #### NOTE H-SUBSEQUENT EVENTS The Company evaluated subsequent events or transactions that occurred from January 1, 2026 through the date these financial statements were issued. The Company did not have any significant subsequent events. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.